Getting The Debt Debate In Perspective

by Francie Grace

President Obama will be formally submitting his budget on Monday, with proposals from Republicans already circulating. But with all the highly wonky plans and counter-plans, and the inside-the-Beltway debates over debt ceilings and resolutions, what gets lost is that the budget debate is about setting priorities – and the public needs to play a role in setting them.

Projections show the national debt will be nearly as big as our entire economy in as little as 10 years, and that more than 90 cents of every tax dollar will be taken up by rising costs for Medicare, Social Security, Medicaid and interest on the money we've already borrowed. If we're going to change those projections, it'll help to act sooner rather than later. Yet we're also facing a frail economy, high unemployment and lots of needs the government has to meet.

Fortunately, we've got some resources to guide you through the blizzard of billion-dollar numbers you'll be hearing in the next week:

For many people, the real dangers posed by a rising national debt are still hard to grasp. In Five Ways the Growing National Debt Can Hurt Us, we set out some of the key risks the nation could face if we allow the debt to stay on its current course.